-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, B5HJpeaJMB35r8rzsng+zGDMsdWItaTFL9ROvOZ5OLq7hZd+a3fCG0l9dKC2aZxh CAzAYG0dpXlZ+7nuL+5uRw== 0000912057-01-505197.txt : 20010329 0000912057-01-505197.hdr.sgml : 20010329 ACCESSION NUMBER: 0000912057-01-505197 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010327 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010328 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIFE FINANCIAL CORP CENTRAL INDEX KEY: 0001028918 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 330743196 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-22193 FILM NUMBER: 1581851 BUSINESS ADDRESS: STREET 1: 10540 N MAGNOLIA ACE STREET 2: UNIT B CITY: RIVERSIDE STATE: CA ZIP: 92503 BUSINESS PHONE: 9096374000 MAIL ADDRESS: STREET 1: 1598 EAST HIGHLAND AVENUE CITY: SAN BERNADINO STATE: CA ZIP: 92404 8-K 1 a2043347z8-k.txt 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) March 27, 2001 LIFE FINANCIAL CORPORATION (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER) DELAWARE 0-22193 33-0743196 (STATE OR OTHER JURISDICTION (COMMISSION FILE NO.) (IRS EMPLOYER OF INCORPORATION) IDENTIFICATION NO.) 10540 MAGNOLIA AVENUE, SUITE B, RIVERSIDE, CA 92505 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICE) (ZIP CODE) (909) 637-4000 (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE) Not Applicable (Former Name or Former Address, If Changed Since Last Report) - -------------------------------------------------------------------------------- ITEM 5. OTHER EVENTS LIFE Financial Corporation (the "Company"), announced the correction of its release issued March 23, 2001. The fourth quarter of 2000 loss is $8.9 million, or ($1.34) per basic and diluted share, compared with a loss of $21.3 million, or ($3.23) per basic and diluted share for the quarter ended December 31, 1999. The net loss for the year ended December 31, 2000 is $20.8 million, or ($3.12) per basic and diluted share, compared to net loss of $17.8 million, or ($2.71) per basic and diluted share, for the year ended December 31, 1999. The previously reported results reflected an adjustment in the carrying value of the Participation Contract (which, represents residual interests in certain asset securitizations) of $2.8 million net of taxes as an adjustment to stockholders' equity. The revised release reflects the valuation adjustment as a charge to earnings. ITEM 7. EXHIBITS 1 Press release dated March 27, 2001 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. LIFE FINANCIAL CORPORATION By: /s/ Steven R. Gardner ------------------------------------- Steven R. Gardner President and Chief Executive Officer March 27, 2001 -2- EX-99.1 2 a2043347zex-99_1.txt EXHIBIT 99.1 Exhibit 1 LIFE FINANCIAL CORPORATION CORRECTION RIVERSIDE, Calif., March 27, 2001-- LIFE Financial Corporation (NASDAQ: LFCO) (the "Company"), announced the correction of its release issued March 23, 2001. The fourth quarter of 2000 loss is $8.9 million, or ($1.34) per basic and diluted share, compared with a loss of $21.3 million, or ($3.23) per basic and diluted share for the quarter ended December 31, 1999. The net loss for the year ended December 31, 2000 is $20.8 million, or ($3.12) per basic and diluted share, compared to net loss of $17.8 million, or ($2.71) per basic and diluted share, for the year ended December 31, 1999. The previously reported results reflected an adjustment in the carrying value of the Participation Contract (which, represents residual interests in certain asset securitizations) of $2.8 million net of taxes as an adjustment to stockholders' equity. The revised release reflects the valuation adjustment as a charge to earnings. FORWARD-LOOKING COMMENTS The statements contained in this release that are not historical facts are forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties. These include, but are not limited to, the following risks: Changes in the performance of the financial markets; Changes in the demand for and market acceptance of the Company's products and services; Changes in general economic conditions including interest rates, presence of competitors with greater financial resources, and the impact of competitive products and pricing; The effect of the Company's policies; The continued availability of adequate funding sources; and various legal, regulatory and litigation risks. FOR INFORMATION ON LIFE FINANCIAL-PLEASE E-MAIL YOUR REQUEST TO rpainter@lifebank.net OR CALL ROY L. PAINTER, CHIEF FINANCIAL OFFICER AT 909.637.4095 OR STEVEN R. GARDNER, PRESIDENT AND CHIEF EXECUTIVE OFFICER AT 909.637.4110. PLEASE INCLUDE YOUR PHONE, FACSIMILE AND MAILING ADDRESS. 1 LIFE FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET UNAUDITED (In thousands)
(Restated) December 31, December 31, ASSETS 2000 1999 - -------------------------------------------- --------- --------- Cash and cash equivalents $ 7,810 $ 17,315 Federal Funds Sold 730 3,000 Securities Held under Repurchase Agreements 25,000 -- Participation Contract 4,429 9,288 Investment Securities Available for Sale 42,370 -- Investment Securities Held to Maturity -- 32,833 Loans: Loans held for sale -- 330,727 Loans held for investment 322,108 106,350 Allowance for loan losses (5,384) (2,749) --------- --------- Net loans 316,724 434,328 Mortgage servicing rights 5,652 6,431 Accrued interest receivable 3,187 3,676 Foreclosed real estate 1,683 2,214 Premises and equipment 3,100 6,003 Income taxes receivable 202 18,653 Deferred income taxes 901 5,196 Other assets 2,633 12,964 --------- --------- TOTAL ASSETS $ 414,421 $ 551,901 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY - -------------------------------------------- LIABILITIES: Deposit accounts $ 345,093 $ 468,859 Other borrowings 47,120 17,873 Subordinated debentures 1,500 1,500 Accrued expenses and other liabilities 6,808 29,207 --------- --------- Total liabilities 400,521 517,439 --------- --------- STOCKHOLDERS' EQUITY: Common stock, $.01 par value 67 67 Additional paid-in capital 42,575 42,525 Retained earnings (28,912) (8,130) Accumulated adjustments to stockholders' equity 170 -- --------- --------- Total stockholders' equity 13,900 34,462 --------- --------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 414,421 $ 551,901 ========= =========
LIFE FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENT UNAUDITED (IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED TWELVE MONTHS ENDED -------------------------- -------------------------- (Restated) (Restated) DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, INTEREST INCOME: 2000 1999 2000 1999 - ---------------------------------------------------------------------- ----------- ----------- ----------- ----------- Loans $ 7,661 $ 11,555 $ 39,262 $ 40,991 Other interest-earning assets 822 366 3,221 5,387 ----------- ----------- ----------- ----------- Total interest income 8,483 11,921 42,483 46,378 INTEREST EXPENSE: Interest-bearing deposits 5,766 6,144 25,572 22,000 Subordinated debentures 53 53 472 210 Other borrowings 501 876 2,402 3,367 ----------- ----------- ----------- ----------- Total interest expense 6,320 7,073 28,446 25,577 ----------- ----------- ----------- ----------- NET INTEREST INCOME 2,163 4,848 14,037 20,801 PROVISION FOR LOAN LOSSES 2,194 2,744 2,910 5,382 ----------- ----------- ----------- ----------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES (31) 2,104 11,127 15,419 NONINTEREST INCOME: Loan servicing fee income 594 1,446 3,344 4,967 Bank and other fee income 155 102 568 355 Net gain (loss) on mortgage banking operations 204 (45) (5,684) 8,599 Net gain/ (loss) from participation contract and investment securities (3,823) -- (4,848) -- Net gain (loss) on residual mortgage-backed securities 131 (31,901) 295 (31,888) Other income/ (loss) 174 100 546 789 ----------- ----------- ----------- ----------- Total noninterest income (2,565) (30,298) (5,779) (17,178) NONINTEREST EXPENSE: Compensation and benefits 2,139 3,358 10,848 12,394 Premises and occupancy 820 1,117 4,059 4,037 Data processing 236 529 1,072 1,642 Net loss on foreclosed real estate 270 90 589 31 Restructuring charges 335 -- 849 -- Other expense 1,147 2,165 5,710 9,381 ----------- ----------- ----------- ----------- Total noninterest expense 4,947 7,259 23,127 27,485 ----------- ----------- ----------- ----------- LOSS FROM OPERATIONS (7,543) (35,453) (17,779) (29,244) PROVISION (BENEFIT) FOR INCOME TAXES 1,379 (14,134) 3,003 (11,405) ----------- ----------- ----------- ----------- NET LOSS FROM OPERATIONS $ (8,922) $ (21,319) $ (20,782) $ (17,839) =========== =========== =========== =========== Basic Average Shares Outstanding 6,668,436 6,606,316 6,668,231 6,575,189 Basic Earnings (Loss) per Share ($1.34) ($3.23) ($3.12) ($2.71) Diluted Average Shares Outstanding 6,668,436 6,606,316 6,668,231 6,575,189 Diluted Earnings (Loss) per Share ($1.34) ($3.23) ($3.12) ($2.71)
LIFE FINANCIAL CORPORATION AND SUBSIDIARIES STATISTICAL INFORMATION UNAUDITED (IN THOUSANDS)
(Restated) ASSET QUALITY: Non-accrual loans $ 22,616 Real estate owned $ 1,683 Charge offs $ 407 Charge offs to average loans 0.10% Non-accrual loans to total gross loans 6.75% Non-accrual loans to total assets 5.46% Allowance for credit losses to total gross loans 1.61% Allowance for credit losses to non-accrual loans 23.81% AVERAGE BALANCE SHEET: Total assets $ 522,078 Loans $ 417,507 Deposits $ 432,409 Borrowings $ 37,839 NET INTEREST MARGIN 2.95% SHARE DATA: Book value $ 2.08 Market value(Closing Price) $ 0.6875 LIFE BANK CAPITAL RATIOS: Tangible Equity Capital Ratio 4.33% Core Capital Ratio 4.33% Tier 1 Risk-based Capital Ratio 5.73% Risk-based Capital Ratio 6.99%
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